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Dredging Market Is Slated To Increase At A CAGR Of 3.7% During Forecast Period 2022-2032
The global dredging market is predicted to grow at a CAGR of 3.7%, reaching a valuation of more than US$ 22.3 billion by 2032. The dredging market is anticipated to benefit from rising demand for gulf coast restoration activities. Dredging service providers are adopting dredger monitoring systems and upgradation of their equipment to increase efficiency and productivity.
Rising government investments for dredging activities in emerging economies will create opportunities for growth in the market in the forthcoming years. Various developing and developed countries’ governments are investing in harbors, channels, and waterways that are dredged in a timely and cost-effective manner to meet environmental protection, restoration, and enhancement goals.
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Further, increase in trade activity, urban development projects and coastal protection activities are driving the demand for dredging services globally. Manufacturers are introducing new and innovative service methods with maintaining the regulation for emission control.
Due to upgradation of equipment, dredging activities are now being used for accessing high-quality mineral reserves that are economically inaccessible through conventional mining.
Companies providing dredging services for the development of ports and dockyards are extending their portfolio by including suction dredging for rivers and smaller waterways. Such developments are anticipated to bode well for the growth in the market over the forecast period.
“Technology upgradation in dredging service driven by the adoption of dredger monitoring systems and upgradation of equipment to increase efficiency and productivity will continue driving sales in the market growth over the forecast period,” says an FMI analyst.
Key Takeaways:
- By customer type, the government segment is projected to hold 43.6% of the total market share in 2022.
- Based on application, the energy Infrastructure segment is expected to grow Y-o-Y by 4.6% in 2022.
- Demand in the U.S. dredging market is forecast to increase at a 2.1% CAGR, reaching a valuation of US$ 1.5 Bn by 2032.
- India will emerge as a lucrative pocket, with sales growing at a 3.4% CAGR through 2032.
- Total sales in the China market will hold 25% of the East Asia dredging market share in 2022.
- By 2032, East Asia is expected to account for a dominant share of 32.9% of the global dredging market.
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Competitive Landscape
The global dredging market is significantly consolidated among Tier I, Tier II, and Tier III players. The leading players in the market account for 50 to 55% share in the market on a value basis.
Some of the key players in this industry include China Communications Construction Company Limited, Royal Boskalis Westminster N.V, Dredging, Environmental and Marine Engineering NV (DEME), Van Oord, Great Lakes Dredge & Dock Corporation, Royal IHC, National Marine Dredging Company and others.
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Future Market Insights
Future Market Insights is the premier provider of market intelligence and consulting services
Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, UAE, and has its global delivery center in India. In addition to these, FMI also carries out business development and client engagement through its US and UK offices.
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